April 1, 2010 thru June 30, 2010 Performance Report

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "April 1, 2010 thru June 30, 2010 Performance Report"

Transcription

1 Grantee: Clark County, NV Grant: B-08-UN April 1, 2010 thru June 30, 2010 Performance Report 1

2 Grant Number: B-08-UN Grantee Name: Clark County, NV Grant Amount: $29,666, Grant Status: Active Obligation Date: Award Date: Contract End Date: Review by HUD: Reviewed and Approved QPR Contact: Lyndee Lloyd Disasters: Declaration Number NSP Narratives Areas of Greatest Need: Clark County proposes to amend the 2008 Action Plan and Consolidated Plan to fulfill the application requirements to receive Neighborhood Stabilization Program (NSP) funds through the U.S. Department of Housing and Urban Development (HUD), authorized under Title III of the Housing and Economic Recovery Act of 2008 (HERA). This law provides under a rule of construction that, unless HERA states otherwise, the grants are to be considered Community Development Block Grant (CDBG) funds. As a the lead agency for the Urban County CDBG Consortium , Clark County will submit this Substantial Amendment on behalf of Clark County and the City of North Las Vegas. Each jurisdiction has described its NSP activities in separate sections of this Amendment. In general, these NSP funds may be used for the acquisition and/or redevelopment of foreclosed and abandoned properties. Clark County is suffering from a significant number of foreclosures, short sales and pre-foreclosures, particularly in the Las Vegas Valley. In all, over 12,000 foreclosures have been identified in Clark County, including all of its incorporated and unincorporated areas (Map 1) using data from Applied Analysis, Inc. According to the Foreclosure Response Project and analysis by the Local Initiative Support Corporation (LISC), unincorporated Clark County has an estimated 31,666 subprime loans, which is almost 19% of all loans. Over 90% of these loans were made in CDBG eligible areas. Another estimated 16,286 loans are 30 or more days delinquent (9.7% of all loans). North Las Vegas is seriously impacted by the foreclosure crisis; 1,514 single-family homes were foreclosed in 2007 and in just the first six months of 2008, 2,619 single-family homes were forced into foreclosure. As Map A-1 indicates, virtually all of the City&rsquos neighborhoods are affected by this crisis. Using Clark County Recorder data on foreclosures for the period January 1, 2008 through July 31, 2008, foreclosures were identified by zip code. Three zip codes, 89031, and 89081, had the largest number of foreclosures during that interval. Zip codes 89084, 89086, and were added in May 2010 to City of North Las Vegas's NSP target area. Distribution and and Uses of Funds: Using all of the data presented thus far, Clark County has determined that certain zip codes and census tracts have the greatest need for the Neighborhood Stabilization Program. The list below includes the targeted zip codes/targeted census tracts. The County will focus its efforts in these areas. While the entire Las Vegas Valley is suffering from extremely high foreclosure rates, these particular zip codes were chosen because the majority of the census tracts they encompass have a foreclosure rate over 9%, are LMMI eligible, have a subprime loans rate over 25% and have a prediction score of future foreclosures and abandonment of 8 or above. TARGETED AREAS: (County Portion) (CT only) (CT 15.00, 16.09, 16.10, only) (CT & only) (CT & only) Using all of the data presented thus far, the City of North Las Vegas has determined that zip codes 89031, 89032, 89081, 89084, 89086, and have the greatest areas of need for the Neighborhood Stabilization Program. Within those zip codes, certain census tracts/block groups have been impacted more significantly; therefore the City will attempt to focus its efforts in those areas if possible. Definitions and Descriptions: Abandoned. A home is abandoned if either a) mortgage or tax payments are at least 90 days delinquent, or b) code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies or c) the property is subject to a court ordered receivership or nuisance abatement related to abandonment pursuant to state or local law or otherwise meets a state definition of an abandoned home or residential property. Acquisition Costs. Acquisition costs that will be considered eligible at the time of sale (at initial acquisition) cannot exceed 99% of the appraised market value conclusion determined of the home at the time of purchase for homes purchased in the Acquisition-Rehab programs (for Resale and Rental) as well as Homebuyer Assistance Program. Acquisition costs include payment of any and all liens to obtain a clean title to the property and all closing costs identified on the estimated settlement statement. Affordable rents. Affordable rents follow the HOME program standards at 24 CFR (a), (c), (e), and (f). Namely, the maximum rents will 2

3 be the lesser of the fair market rent and up to 30% of the adjusted income of a family earning 65% of AMI, with adjustments for the number of bedrooms in the unit, less a utility allowance. Affordable rents for households with incomes at or below 50% of AMI will be no more than 30% of the annual income for the household, adjusted for family size. Such rents may be increased annually after HUD updates fair market rents and median incomes. Area Median Income. Income limits are calculated by HUD in accordance with Section 3(b)(2) of the United States Housing Act of 1937, as amended. These limits are based on HUD estimates of median family income, with adjustments based on family size. These figures are updated on an annual basis and new limits will be utilized as published. These limits are available on the website. Areas of Greatest Need. Clark County and North Las Vegas have geographically identified the locations of greatest need based on the areas with the greatest percentage of home foreclosures; areas with the highest percentage of homes financed by sub-prime mortgages and areas identified as likely to have a significant rise in the rate of home foreclosures. Blighted. A structure is blighted when it exhibits objectively determinable signs of deterioration sufficient to constitute a threat to human health, safety and public welfare. Completed. A unit is considered completed once the construction/rehabilitation is 100 percent complete, the permit(s) have been finalized and issued by the Building Department, the unit has been sold/rented to an eligible household, and the appropriate Project documentation files have been submitted to Clark County including all recorded legal and closing documentation. Continued affordability. The affordability of the homeownership housing units will be in accordance with the HOME Program standards at 24 CFR Using the HOME Program affordability periods will provide for a minimum length of affordability. Recapture on sale and foreclosure provisions terminate the affordability period. The affordability of the rental units will be in accordance with the HOME program standards at 24 CFR (a), (c), (e), and (f) for rental properties. Using the HOME program affordability periods will provide for a minimum length of affordability; however, the County may require longer affordability periods that exceed the HOME program requirements as the NSP program evolves. Current market appraised value. The current market appraised value means the as-is value of a foreclosed upon home or residential property that is established through an appraisal made in conformity with the appraisal requirements of the URA at 49 CFR and completed within 60 days after an offer is made for the property by a grantee, Developer, or individual homebuyer (Participant). Developer Fee. Project developer fee per housing unit as detailed in the Program Budget for the Acquisition Rehab Resale program. The Developer Fee is identified by four categories: Acquisition, Rehab Management, Homebuyer Commitment and Disposition. Direct Assistance to the homebuyer. A lien will be placed on the property in the amount of the deferred incrementally forgiveable loan and if the homebuyer sells the property prior to the expiration of the affordability period, the awarded funds will be subject to recapture and payable to City/County. Foreclosed. A property has been foreclosed upon if any of the following conditions apply: a) the property&rsquos current delinquency status is at least 60 days delinquent under the Mortgage Bankers of America delinquency calculation and the owner has been notified of this delinquency, or b) the property owner is 90 days or more delinquent on tax payments, or c) under state or local law, foreclosure proceedings have been initiated or completed, or d) foreclosure proceedings have been completed and title has been transferred to an intermediary aggregator or servicer that is not an NSP grantee, subrecipient, contractor, developer, or end user. Housing Rehabilitation Standards. Rehabilitation standards require that all buildings assisted with NSP funds be brought up to Clark County codes in effect at this time, that required building permits be obtained and that appropriate inspections be performed. NSP assisted properties involving rehabilitation must conform to the Clark County NSP Homeownership Rehab Standards for One and Two Unit Structures. Obligated. Funds are obligated for an activity when orders are placed, contracts are awarded, services are received, and similar transactions during a given time period that will require payment by Clark County or the Developer during the same or a future period. The obligation of funds must be linked to a specific address and/or household. Participant. The consumer that buys the home upon completion of rehabilitation by the Developer. Homebuyer must be eligible and qualified for the Program and must certify to occupy the home as principal residence. Project Delivery Fee. Reimbursable project delivery fees (to include homebuyer commitment as well as rehabilitation) for the Homebuyer Assistance Program per housing unit as identified by the Subrecipient and as detailed in the Program Budget. Actual delivery fee costs per unit will be reimbursed with proper documentation. Low Income Targeting: Acquisition and Relocation: Public Comment: Overall Projected Budget from All Sources CDBG Program Funds Budgeted Program Funds Drawdown Obligated CDBG DR Funds Expended CDBG DR Funds $7,152, $10,918, $7,152, To Date $40,037, $29,666, $10,814, $27,348, $10,814,

4 Match Contributed Program Income Received Program Income Drawdown $102, $102, Progress Toward Required Numeric Targets Requirement Required Overall Benefit Percentage (Projected) Overall Benefit Percentage (Actual) Minimum Non-Federal Match Limit on Public Services $4,450, Limit on Admin/Planning $2,966, Limit on State Admin To Date 0.00% 0.00% $129, Progress Toward Activity Type Targets Progress Toward National Objective Targets National Objective Target Actual NSP Only - LH - 25% Set-Aside $7,416, $9,635, Overall Progress Narrative: Clark County has obligated approximately 92% of their direct Federal allocation and 100% of their State allocation as of this Quarter-end. This Quarter fifty one (51) properties were acquired for rehab and either rental or resale, and an additional eleven (11) households were provided direct assistance with property purchase using Federal funds. Four additional properties were purchased with State NSP funds this Quarter. The remainder of funds will be obligated by September 2010 through contracts to purchase additional homes as well as rehab scopes of work and contracts for all properties acquired to date. To date, ninety one (91) single family homes have been assisted with Federal NSP funds and an additional fifty one (51) assisted with State funds for a grand total of 142 single family properties as of June 30, The City of North Las Vegas has obligated 100% of Federal and State funds this quarter. This Quarter the City acquired a total number seventeen (17) single family homes with Federal NSP funds, and a total of three (3) single family homes with State NSP funds (note that one property used a combination of both Federal and State funds). To date, twenty nine (29) properties have been acquired using Federal Funds and seven with State funds (two using both State and Federal combined). The City of North Las Vegas then conveys title to nonprofit Developer at property closing. The City of North Las Vegas staff has reviewed over 780 properties sent by the National Community Stabilization Trust of which over 95% were not viable for the NSP program. The majority of the nonviable properties in North Las Vegas are ineligible due to tenancy issues and noise corridor issues. HUD has modified NSP rules to now include acquiring not only foreclosed properties but also short sales that will facilitate more acquisition opportunities. Despite diligent efforts of local housing counseling agencies as well as a local housing NSP auction hosted by REDC/Freddie Mac on April 24, 2010, the consumer-model Homebuyer Assistance Program (HAP) has not proved to be viable in the current market. Therefore, the majority of funds initially allocated to this activity were re-allocated to other NSP-activities in order to meet the September 2010 obligation deadline. Homebuyers attempting to purchase foreclosed property already listed on the market continue to experience challenges associated with heavy competition, the lack of acceptance of offers as well as the Seller&rsquos inability to reduce the price to 1% below 4

5 appraised value. Developers and the Southern Nevada Regional Housing Authority have demonstrated capacity to acquire and rehab single family homes, primarily through access to &ldquofirst Look&rdquo opportunities with the National Community Stabilization Trust however a First Look program is not yet available for consumers. Over 1,000 properties have been reviewed to date, although the majority have been ineligible due to property type or location. On June 15, 2010, the Board of County Commissioners approved the reallocation of NSP funds out of the HAP program, and to the Developers in the Acquisition Rehab Resale program as well as two new Redevelopment activities. The funds initially allocated for homebuyer counseling and demolition were also reallocated to the Redevelopment activity (eligible use E). Redevelopment of vacant land for multi-family rental housing will be undertaken by Accessible Space, Inc and St. Jude&rsquos Ranch. The St. Jude&rsquos Ranch project will utilize both Federal and State NSP funds. Both Redevelopment projects will assist households at or below 50% AMI. All Clark County NSP HAP funds must be obligated by August 6, 2010 or un-obligated funds will again be reallocated to the Developers in the Acquisition Rehab Resale program. It is anticipated that a portion of the funds currently budgeted in the HAP program will have to be reallocated in August due to contract fall out. Clients already counseled, mortgage pre-approved and qualified for NSP assistance will be referred to the properties acquired and rehabbed by Clark County&rsquos NSP Developer partners to assist with timely disposition of those properties. Program income reported for Clark County this Quarter will be drawn down as soon as administratively possible following the completion of the County's fiscal year-end grant close out and roll over to fiscal year 2010/2011. Clark County and North Las Vegas staff continued working with HUD technical assistance personnel during the quarter and finished phase one and began phase two of their work plan. Highlights of this technical assistance effort include review of grant agreements and procedures, creation of more detailed NSP rehab standards and specifications, streamlining of the Environmental Review process for NSP single family properties, rental project budgets/proformas and asset management planning, and resources to assist Developer partners with the request of rehab reimbursements. Multiple trainings and sessions with subrecipients and developers were hosted as part of this workplan including: April 15, 2010 &ndash Resale overview and coordination of Developers with housing counseling agencies April 28, Income Determination (Part-5) workshop May 5 and 20, Rehabilitation Standards workshop June 10, 2010 &ndash Resale process, resources and procedures June 17, Rehabilitation Specifications workshop June 23, 2010 &ndash Owner-occupied rehab training (Homebuyer Assistance Program) June 30, 2010 &ndash Lead hazard training Project Summary Project #, Project Title To Date Program Funds Drawdown Project Funds Budgeted Program Funds Drawdown 9999, Restricted Balance NSP - A (CC), Financing Mechanisms (CC) $189, $914, $212, NSP - A (NLV), Financing Mechanisms (NLV) NSP - B (CC), Acquisition/Purchase and Rehabilitation (CC) $5,012, $17,487, $7,340, NSP - B (NLV), Acquisition/Purchase and Rehabilitation (NLV) $1,882, $6,153, $3,132, NSP - D (CC), Demolition (CC) NSP - E (CC), Redevelopment (CC) $2,145, NSP - E (NLV), Redevelopment (NLV) NSP - E(2) (NLV), Redevelopment (NLV DM) NSP - F (CC), Administration and Planning Costs (CC) $67, $2,282, $129, NSP - F (NLV), Administration and Planning Costs (NLV) $683,

6 Activities 6

7 Grantee Activity Number: Activity Title: Activitiy Category: Acquisition - general Project Number: NSP - B (CC) Projected Start Date: 03/01/2009 Benefit Type: Direct Benefit (Households) National Objective: NSP Only - LH - 25% Set-Aside CC-ARRental-SNRHA NSP Acquisition and Rehabilitation for Rental Activity Status: Under Way Project Title: Acquisition/Purchase and Rehabilitation (CC) Projected End Date: 03/01/2011 Completed Activity Actual End Date: 06/30/2010 Responsible Organization: Southern Nevada Regional Housing Authority Overall Projected Budget from All Sources CDBG Program Funds Budgeted Program Funds Drawdown Obligated CDBG DR Funds Expended CDBG DR Funds Clark County, Nevada Southern Nevada Regional Housing Authority Match Contributed Program Income Received Program Income Drawdown Apr 1 thru Jun 30, 2010 $1,622, $1,145, $1,622, $1,622, To Date $11,090, $5,781, $2,982, $5,507, $2,982, $1,110, $1,872, Activity Description: The purpose of this program is to purchase and rehabilitate foreclosed or abandoned rental housing to primarily benefit households at or below 50% of area median income. The County would use NSP funds to assist the Southern Nevada Regional Housing Authority to strategically purchase and rehabilitate foreclosed or abandoned rental properties in eligible target communities to add to its existing portfolio of scattered site rental housing. The grant agreement was initially executed with the Housing Authority of Clark County June 16, 2009 for $2,207,265 in Federal NSP1 funds and $5,309,727 in State of Nevada NSP1 funds. Upon the merger of local housing authorities, the Southern Nevada Regional Housing Authority was created on January 1, The grant agreement was amended on March 16, 2010 to reflect the new name as well as to provide an additional $3,574,001 in Federal NSP1 funds. These additional funds had been planned for this activity benefiting rental households at or below 50% AMI from the initial Action Plan, but potentially for other participating nonprofits to be solicited by RFP/RFQ. The RFP process did not result in projects eligible for NSP1 and based upon the Housing Authority's performance and capacity for additional funding, the total Federal funds allocation was increased to $5,781,266. Federal funds combined with the State of Nevada allocation provides the Southern Nevada Regional Housing Authority with a grand total of $11,090,993 in NSP1 funds for scattered site rental housing. Location Description: NSP Target Neighborhoods (County Portion) (CT only) (CT 15.00, 16.09, 16.10, only) (CT & only) (CT & only) Activity Progress Narrative: This quarter, the Southern NV Regional Housing Authority acquired 19 new properties with Federal NSP funds to be rehabbed and eventually rented to households at or below 50% AMI. Rehab is currently in progress and HUD Technical Assistance providers assisted Clark County and Housing Authority staff with the revision and consolidation of previously adopted standards to create more detailed rehab standards and specifications for NSP single family homes for rental. Rehab standards were 7

8 created with a focus on energy efficiency and home performance. HUD Technical Assistance providers also assisted the Housing Authority with their asset management budget and proformas to be finalized upon lease-up of their properties when rehab is complete. The Housing Authority will meet their obligation deadline by September 2010 through the acquisition of approximately five additional homes and the execution of rehab contracts for those properties. An additional 3 new properties were also acquired this quarter with NSP State of Nevada funds. Accomplishments Performance Measures # of Properties 19 Cumulative Actual / Expected 19/0 # of Housing Units 19 # of Singlefamily Units 0 Cumulative Actual / Expected 34/45 0/45 Beneficiaries Performance Measures Cumulative Actual / Expected Low Mod Low Mod Low/Mod% # of Households /45 0/0 0/45 0 # Renter Households /45 0/0 0/45 0 Activity Locations Address City State Zip 5057 Copperlyn Las Vegas Diego Drive Las Vegas Hutchinson Las Vegas Grand Basin Las Vegas Madre Grande Las Vegas Belgrave Hall Lane Las Vegas Hayden Peak Las Vegas Walnut Bend Las Vegas Stargazer Drive Las Vegas Cypress Gardens Las Vegas Starridge Way Las Vegas Topeka Drive Las Vegas Alderlyn Ave. Las Vegas Emerald Creek Dr Las Vegas Virgo Drive Las Vegas Raccoon Valley Las Vegas Magic Moment Las Vegas Elderberry Wine Ave Las Vegas Hudson Woods Court Las Vegas

9 Other Funding Sources Budgeted - Detail No Other Match Funding Sources Found Other Funding Sources Amount State of NV NSP $5,309, Other Funding Sources $5,309,

10 Grantee Activity Number: Activity Title: Activitiy Category: Acquisition - general Project Number: NSP - B (CC) Projected Start Date: 03/01/2009 Benefit Type: Direct Benefit (Households) National Objective: NSP Only - LMMI CC-ARResale-CDPCN PROJ NSP Acquisition and Rehab for Resale Activity Status: Under Way Project Title: Acquisition/Purchase and Rehabilitation (CC) Projected End Date: 03/01/2011 Completed Activity Actual End Date: 06/30/2010 Responsible Organization: Community Development Programs Center of Nevada Overall Projected Budget from All Sources CDBG Program Funds Budgeted Program Funds Drawdown Obligated CDBG DR Funds Expended CDBG DR Funds Community Development Programs Center of Nevada Match Contributed Program Income Received Program Income Drawdown Apr 1 thru Jun 30, 2010 $1,383, $4,606, $1,383, $1,383, To Date $4,832, $4,832, $1,565, $4,606, $1,484, $1,484, Activity Description: The purpose of the program is to acquire and rehabilitate foreclosed and abandoned homes in heavily impacted neighborhoods and resell them to program-eligible owner-occupants. Using NSP funds (and other lines of credit as available) non-profit organizations selected by the County through a competitive RFP/RFQ process would purchase foreclosed or abandoned homes and rehabilitate them to County housing standards. Homes may be purchased individually or through a bulk sale. Upon completion of rehabilitation, homes would be marketed to eligible buyers. This activity will provide affordable homeownership opportunities for households earning less than 120% AMI while simultaneously repairing damaged property and modernizing older housing stock. Grant agreements executed by and between Clark County and CDPCN September 1, 2009 and amended on June 15, The Amendment (Clark County NSP1 Amendment #2) increased the total budget from $3,085,818 to $4,631,134. The additional funds were moved from the Homebuyer Assistance Program (HAP) to the Acquisition Rehab Resale program. Additional funds re-captured and unused from the HAP program increased the budget by an additional $201, in August 2010 for a total budget of $4,832, in NSP1 funds. Location Description: NSP Target Neighborhoods (County Portion) (CT only) (CT 15.00, 16.09, 16.10, only) (CT & only) (CT & only) Activity Progress Narrative: This quarter, Community Development Programs Center of NV (CDPCN) acquired 15 new properties to be rehabbed and then sold to households at or below 120% AMI. Rehab is currently in progress on all properties acquired to date and rehab funds were drawn on one property this quarter through a reimbursement payment process. One property was also sold to a NSP &ndasheligible homebuyer this quarter with a settlement date of June 25, Program income generated from the resale proceeds will be reported and drawn down as soon as administratively possible in the following quarter. Rehab is expected to be completed this quarter for other properties and will be marketed to NSP-eligible homebuyer through partnerships with local housing counseling agencies. 10

11 HUD Technical Assistance providers assisted Clark County and Developer partner staff with the revision and consolidation of previously adopted standards to create more detailed rehab standards and specifications for NSP single family homes for homeownership. Rehab standards were created with a focus on energy efficiency and home performance. On June 15, 2010, the Board of County Commissioners approved the allocation of an additional $1,545,316 in federal NSP funds to CDPCN for the expansion of their NSP Acquisition Rehab Resale program. Funds had been re-allocated from other NSP activities initially planned but not performing at the levels required to meet the September obligation deadline. CDPCN will meet their obligation deadline by September 2010 for their full allocation through the acquisition of approximately eighteen additional homes and approved rehab scopes of work for those properties. Accomplishments Performance Measures # of Properties 15 Cumulative Actual / Expected 16/0 # of Housing Units 15 # of Singlefamily Units 0 Cumulative Actual / Expected 15/38 0/38 Beneficiaries Performance Measures Cumulative Actual / Expected Low Mod Low Mod Low/Mod% # of Households /0 1/0 1/ # Owner Households /0 0/0 0/38 0 Activity Locations Address City State Zip 6214 Riflecrest Las Vegas Golden Leaf Las Vegas Tumblegrass Las Vegas Painted Morning Las Vegas Canvasback Las Vegas Tundra Swan Las Vegas Beech Family Las Vegas Jackrabbit Run Las Vegas Typecast Las Vegas Kit Fox Las Vegas Poppyseed Way Las Vegas Nickel Mine Las Vegas El Antonio Las Vegas Royal Fern Las Vegas Chanted Heart Las Vegas Pinebrook Circle Las Vegas Other Funding Sources Budgeted - Detail No Other Match Funding Sources Found 11

12 Other Funding Sources No Other Funding Sources Found Other Funding Sources Amount 12

13 Grantee Activity Number: Activity Title: Activitiy Category: Acquisition - general Project Number: NSP - B (CC) Projected Start Date: 03/01/2009 Benefit Type: Direct Benefit (Households) National Objective: NSP Only - LMMI CC-ARResale-HAND-PROJ NSP Acquisition and Rehab for Resale Activity Status: Under Way Project Title: Acquisition/Purchase and Rehabilitation (CC) Projected End Date: 03/01/2011 Completed Activity Actual End Date: 06/30/2010 Responsible Organization: HAND Development Group Overall Projected Budget from All Sources CDBG Program Funds Budgeted Program Funds Drawdown Obligated CDBG DR Funds Expended CDBG DR Funds HAND Development Group Match Contributed Program Income Received Program Income Drawdown Apr 1 thru Jun 30, 2010 $223, $1,099, $223, $223, To Date $4,832, $2,644, $502, $1,099, $502, $502, Activity Description: The purpose of the program is to acquire and rehabilitate foreclosed and abandoned homes in heavily impacted neighborhoods and resell them to program-eligible owner-occupants. Using NSP funds (and other lines of credit as available) non-profit organizations selected by the County through a competitive RFP/RFQ process would purchase foreclosed or abandoned homes and rehabilitate them to County housing standards. Homes may be purchased individually or through a bulk sale. Upon completion of rehabilitation, homes would be marketed to eligible buyers. This activity will provide affordable homeownership opportunities for households earning less than 120% AMI while simultaneously repairing damaged property and modernizing older housing stock. The Grant agreements were executed by and between Clark County and HAND Development Company on September 15, 2009 and amended on June 15, HAND Development Company assigned the grant agreement to HAND Development Group on February 16, 2010 for the purposes of property insurance coverage. The Amendment (Clark County NSP1 Amendment #2) increased the total Federal funds budget from $898,254 to $2,443,571. The additional funds were moved from the Homebuyer Assistance Program (HAP) to the Acquisition Rehab Resale program. Additional funds re-captured and unused from the HAP program increased the budget by an additional $201,347 in August 2010 for a total Federal budget of $2,644,918 in NSP1 funds. HAND Development Group has an additional $2,187,564 in State of Nevada NSP1 funds for a grand total allocation of $4,631,135. These state funds were part of the initial grant agreement executed on September 15, Location Description: NSP Target Neighborhoods (County Portion) (CT only) (CT 15.00, 16.09, 16.10, only) (CT & only) (CT & only) Activity Progress Narrative: This quarter, HAND Development Group acquired 2 new properties with Federal NSP funds to be rehabbed and then sold to households at or below 120% AMI. Rehab is currently in progress on all properties acquired to date and other expenditures represent Developer fees were paid this quarter on properties acquired in previous quarters. The majority of properties acquired to date are expected to be fully rehabbed by October 2010, and as soon as rehab is complete, will be sold to an NSP- 13

14 eligible homebuyer through coordination with local housing counseling agencies. Program income generated from the resale proceeds will be reported and drawn down as soon as administratively possible. NSP funds expended for rehab will be reimbursed to the Developer as projects are completed. HUD Technical Assistance providers assisted Clark County and Developer partner staff with the revision and consolidation of previously adopted standards to create more detailed rehab standards and specifications for NSP single family homes for homeownership. Rehab standards were created with a focus on energy efficiency and home performance. On June 15, 2010, the Board of County Commissioners approved the allocation of an additional $1,545,317 in federal NSP funds to HAND Development Group for the expansion of their NSP Acquisition Rehab Resale program. Funds had been reallocated from other NSP activities initially planned but not performing at the levels required to meet the September obligation deadline. HAND Development Group will meet their obligation deadline by September 2010 for their full allocation through the acquisition of approximately fourteen additional homes and approved rehab scopes of work for those properties. One additional new property was acquired this quarter by HAND Development Group using NSP State of Nevada funds. Accomplishments Performance Measures # of Properties 2 Cumulative Actual / Expected 5/0 # of Housing Units 2 # of Singlefamily Units 0 Cumulative Actual / Expected 2/19 0/19 Beneficiaries Performance Measures Cumulative Actual / Expected Low Mod Low Mod Low/Mod% # of Households /0 0/0 0/19 0 Activity Locations Address City State Zip 1662 Sunrise View Drive Las Vegas Prosperity Lane Las Vegas Clear Brook Place Las Vegas Hidden View Street Las Vegas Steinbeck Drive Las Vegas Other Funding Sources Budgeted - Detail No Other Match Funding Sources Found Other Funding Sources Amount State of NV NSP $2,187, Other Funding Sources $2,187,

15 Grantee Activity Number: Activity Title: Activitiy Category: Acquisition - general Project Number: NSP - B (CC) Projected Start Date: 03/01/2009 Benefit Type: Direct Benefit (Households) National Objective: NSP Only - LMMI CC-ARResale-HFN-PROJ NSP Acquisition and Rehab for Resale Activity Status: Under Way Project Title: Acquisition/Purchase and Rehabilitation (CC) Projected End Date: 03/01/2011 Completed Activity Actual End Date: 06/30/2010 Responsible Organization: Housing for Nevada Overall Projected Budget from All Sources CDBG Program Funds Budgeted Program Funds Drawdown Obligated CDBG DR Funds Expended CDBG DR Funds Clark County, Nevada Housing for Nevada Match Contributed Program Income Received Program Income Drawdown Apr 1 thru Jun 30, 2010 $1,782, ($1,104,037.34) $1,782, $1,782, $52, To Date $4,832, $4,832, $2,290, $4,443, $2,370, $80, $2,290, $52, Activity Description: The purpose of the program is to acquire and rehabilitate foreclosed and abandoned homes in heavily impacted neighborhoods and resell them to program-eligible owner-occupants. Using NSP funds (and other lines of credit as available) non-profit organizations selected by the County through a competitive RFP/RFQ process would purchase foreclosed or abandoned homes and rehabilitate them to County housing standards. Homes may be purchased individually or through a bulk sale. Upon completion of rehabilitation, homes would be marketed to eligible buyers. This activity will provide affordable homeownership opportunities for households earning less than 120% AMI while simultaneously repairing damaged property and modernizing older housing stock. The Grant agreements were executed by and between Clark County and Housing for Nevada on September 1, 2009 and amended on June 15, The Amendment (Clark County NSP1 Amendment #2) increased the total Federal funds budget from $3,085,818 to $4,631,134. The additional funds were moved from the Homebuyer Assistance Program (HAP) to the Acquisition Rehab Resale program. Additional funds re-captured and unused from the HAP program increased the budget by an additional $201,347 in August 2010 for a total Federal budget of $4,832,481 in NSP1 funds. Location Description: NSP Target Neighborhoods (County Portion) (CT only) (CT 15.00, 16.09, 16.10, only) (CT & only) (CT & only) Activity Progress Narrative: This quarter, Housing for Nevada acquired fifteen new properties with Federal NSP funds to be rehabbed and then sold to households at or below 120% AMI. Rehab is currently in progress on all properties acquired to date and other expenditures represent Developer fees were paid this quarter on properties acquired in previous quarters as well as the reimbursement of rehabilitation expenses on three properties. The majority of properties acquired to date are expected to be fully rehabbed by October 2010, and as soon as rehab is complete, will be sold to an NSP-eligible homebuyer. Three properties were sold this quarter by Housing for Nevada to NSP-eligible homebuyers, and program income reported from the resale of one of those 15

16 homes in the amount of $52, June 30, 2010 represents the end of Clark County&rsquos fiscal year-end and grant close out as well as roll over is expected to be complete in early August Following grant roll-over, program income generated from resale proceeds will be reported and drawn down as soon as administratively possible. NSP funds expended for rehab will be reimbursed to the Developer as projects are completed. HUD Technical Assistance providers assisted Clark County and Developer partner staff with the revision and consolidation of previously adopted standards to create more detailed rehab standards and specifications for NSP single family homes for homeownership. Rehab standards were created with a focus on energy efficiency and home performance. On June 15, 2010, the Board of County Commissioners approved the allocation of an additional $1,545,316 in federal NSP funds to Housing for Nevada for the expansion of their NSP Acquisition Rehab Resale program. Funds had been re-allocated from other NSP activities initially planned but not performing at the levels required to meet the September obligation deadline. Housing for Nevada will meet their obligation deadline by September 2010 for their full allocation through the acquisition of approximately seven additional homes and approved rehab scopes of work for those properties. Accomplishments Performance Measures # of Properties 15 Cumulative Actual / Expected 21/0 # of Housing Units 15 # of Singlefamily Units 0 Cumulative Actual / Expected 15/32 0/32 Beneficiaries Performance Measures Cumulative Actual / Expected Low Mod Low Mod Low/Mod% # of Households /0 3/0 3/ Activity Locations Address City State Zip 1886 Green River Las Vegas Blushing Hearts Las Vegas Cold Water Bay Las Vegas S. Torrey Pines Las Vegas Mitra Court Las Vegas Welsh Pony Las Vegas Luna Alegre Las Vegas Cameron Peak Las Vegas Starter Avenue Las Vegas Brownwood Las Vegas Chelsea Grove Las Vegas Woodbury Avenue Las Vegas Regency Cove Las Vegas Chelsea Grove Las Vegas Lilac Sky Las Vegas Verde Mirada Las Vegas Carefree Drive Las Vegas

17 3469 Durant River Drive Las Vegas Riflecrest Las Vegas La Placita Las Vegas Other Funding Sources Budgeted - Detail No Other Match Funding Sources Found Other Funding Sources No Other Funding Sources Found Other Funding Sources Amount 17

18 Grantee Activity Number: Activity Title: CC-HAP-CCCS NSP Homebuyer Assistance Program Activitiy Category: Homeownership Assistance to low- and moderate-income Project Number: NSP - A (CC) Projected Start Date: 03/01/2009 Benefit Type: Direct Benefit (Households) National Objective: NSP Only - LMMI Activity Status: Under Way Project Title: Financing Mechanisms (CC) Projected End Date: 10/31/2010 Completed Activity Actual End Date: 06/30/2010 Responsible Organization: Consumer Credit Counseling Service Overall Projected Budget from All Sources CDBG Program Funds Budgeted Program Funds Drawdown Obligated CDBG DR Funds Expended CDBG DR Funds Consumer Credit Counseling Service Match Contributed Program Income Received Program Income Drawdown Apr 1 thru Jun 30, 2010 $23, $110, $23, $23, To Date $30, $30, $23, $110, $23, $23, Activity Description: The purpose of the program is to enable low-and middle-income households to quickly purchase and occupy foreclosed singlefamily homes before the effects of vacancy, vandalism and blight become acute. Through the provision of down payment assistance, new homebuyers will purchase and occupy foreclosed properties that meet the County&rsquos housing standards in designated census tracts. The target purchaser population would be FHA or other credit worthy borrowers. All properties acquired under this activity must meet the required purchase discount of 1% less than current market appraised value. The homebuyer must be NSP eligible with a household income of 120% or below Area Median Income. The grant agreement was executed by and between Clark County and Consumer Credit Counseling Service on October 6, 2009 in the amount of $2,140,000. The Homebuyer Assistance Program (HAP) as designed was not successful in the local market and had many challenges associated with consumers attempting to secure accepted offers at the required discount in the open market. As a result, only a small percentage of funds initially allocated to this program will be used by HAP Subrecipients of Clark County within the timeliness requirements of the obligation deadline. An Amendment (Clark County NSP1 Amendment #2) to move un-committed funds to the Acquisition Rehab Resale program ($4,635,949) and a Redevelopment Project for Accessible Space, Inc. ($1,250,000) was approved by the Board of County Commissioners on May 18, A total of $5,885,949 was recaptured from the HAP program in May 2010 and an additional $604, in August 2010 in order to ensure compliance with the HUD NSP1 obligation deadline. Of this total, the amount recaptured from Consumer Credit Counseling Service totaled $2,109, The first adjustment was effective as of May 28, 2010 and the second adjustment of un-obligated funds was effective as of August 9, Consumer Credit Counseling Service maintained a total project budget of $30, to assist three homebuyers in Clark County. Location Description: NSP Target Neighborhoods (County Portion) (CT only) (CT 15.00, 16.09, 16.10, only) (CT & only) (CT & only) Activity Progress Narrative: 18

19 This quarter, Consumer Credit Counseling Service assisted three NSP-eligible households with property purchase through the provision of direct assistance using NSP funds. Direct assistance may be provided to eligible households to assist with closing costs, up to 50% of the lender&rsquos required downpayment, and principal reduction to assist with mortgage payment affordability. Despite diligent efforts of local housing counseling agencies as well as a local housing auction hosted by Freddie Mac on April 24, 2010, the Homebuyer Assistance Program (HAP) has not proved to be viable in the current market. Therefore, the majority of funds initially allocated to this activity were re-allocated to other NSP-activities in order to meet the September 2010 obligation deadline. Homebuyers attempting to purchase foreclosed property already listed on the market continue to experience challenges associated with heavy competition, the lack of acceptance of offers as well as the Seller&rsquos ability to reduce the price to 1% below appraised value. All HAP funds must be obligated by August 6, 2010 or will again be re-allocated to the Developers in the Acquisition Rehab Resale program. Clients already counseled, mortgage pre-approved and qualified for NSP assistance will be referred to the properties acquired and rehabbed by Clark County&rsquos NSP Developer partners to assist with timely disposition of those properties. Accomplishments Performance Measures No Accomplishments Performance Measures found. Beneficiaries Performance Measures Cumulative Actual / Expected Low Mod Low Mod Low/Mod% # of Households /0 1/0 3/ # Owner Households /0 0/0 0/3 0 Activity Locations Address City State Zip 2893 Deep Creek Lane Las Vegas Sixshooter Drive Las Vegas Elk Creek Lane Las Vegas Other Funding Sources Budgeted - Detail No Other Match Funding Sources Found Other Funding Sources No Other Funding Sources Found Other Funding Sources Amount 19

20 Grantee Activity Number: Activity Title: CC-HAP-HFN NSP Homebuyer Assistance Program Activitiy Category: Homeownership Assistance to low- and moderate-income Project Number: NSP - A (CC) Projected Start Date: 03/01/2009 Benefit Type: Direct Benefit (Households) National Objective: NSP Only - LMMI Activity Status: Under Way Project Title: Financing Mechanisms (CC) Projected End Date: 10/31/2010 Completed Activity Actual End Date: 06/30/2010 Responsible Organization: Housing for Nevada Overall Projected Budget from All Sources CDBG Program Funds Budgeted Program Funds Drawdown Obligated CDBG DR Funds Expended CDBG DR Funds Clark County, Nevada Housing for Nevada Match Contributed Program Income Received Program Income Drawdown Apr 1 thru Jun 30, 2010 ($22,500.00) To Date $49, $49, $22, $28, $22, $22, Activity Description: The purpose of the program is to enable low-and middle-income households to quickly purchase and occupy foreclosed singlefamily homes before the effects of vacancy, vandalism and blight become acute. Through the provision of down payment assistance, new homebuyers will purchase and occupy foreclosed properties that meet the County&rsquos housing standards in designated census tracts. The target purchaser population would be FHA or other credit worthy borrowers. All properties acquired under this activity must meet the required purchase discount of 1% less than current market appraised value. The homebuyer must be NSP eligible with a household income of 120% or below Area Median Income. The grant agreement was executed by and between Clark County and Housing for Nevada on October 6, 2009 in the amount of $1,700,000. The Homebuyer Assistance Program (HAP) as designed was not successful in the local market and had many challenges associated with consumers attempting to secure accepted offers at the required discount in the open market. As a result, only a small percentage of funds initially allocated to this program will be used by HAP Subrecipients of Clark County within the timeliness requirements of the obligation deadline. An Amendment (Clark County NSP1 Amendment #2) to move uncommitted funds to the Acquisition Rehab Resale program ($4,635,949) and a Redevelopment Project for Accessible Space, Inc. ($1,250,000) was approved by the Board of County Commissioners on May 18, A total of $5,885,949 was recaptured from the HAP program in May 2010 and an additional $604, in August 2010 in order to ensure compliance with the HUD NSP1 obligation deadline. Of this total, the amount recaptured from Housing for Nevada totaled $1,650,777. The first adjustment was effective as of May 28, 2010 and the second adjustment of un-obligated funds was effective as of August 9, Housing for Nevada maintained a total project budget of $49,223 to assist one homebuyer in Clark County with the purchase and rehab of a single family home. Location Description: NSP Target Neighborhoods (County Portion) (CT only) (CT 15.00, 16.09, 16.10, only) (CT & only) (CT & only)

21 Activity Progress Narrative: Housing for Nevada did not assist any households this quarter due to contract fall out, but expects to assist one household in August Direct assistance may be provided to eligible households to assist with closing costs, up to 50% of the lender&rsquos required downpayment, and principal reduction to assist with mortgage payment affordability. Despite diligent efforts of local housing counseling agencies as well as a local housing auction hosted by Freddie Mac on April 24, 2010, the Homebuyer Assistance Program (HAP) has not proved to be viable in the current market. Therefore, the majority of funds initially allocated to this activity were re-allocated to other NSP-activities in order to meet the September 2010 obligation deadline. Homebuyers attempting to purchase foreclosed property already listed on the market continue to experience challenges associated with heavy competition, the lack of acceptance of offers as well as the Seller&rsquos ability to reduce the price to 1% below appraised value. All HAP funds must be obligated by August 6, 2010 or will again be re-allocated to the Developers in the Acquisition Rehab Resale program. Clients already counseled, mortgage pre-approved and qualified for NSP assistance will be referred to the properties acquired and rehabbed by Clark County&rsquos NSP Developer partners to assist with timely disposition of those properties. Accomplishments Performance Measures # of Housing Units 0 # of Singlefamily Units 0 Cumulative Actual / Expected 0/1 0/1 Beneficiaries Performance Measures Cumulative Actual / Expected Low Mod Low Mod Low/Mod% # of Households /0 0/0 0/1 0 # Owner Households /0 0/0 0/1 0 Activity Locations No Activity Locations found. Other Funding Sources Budgeted - Detail No Other Match Funding Sources Found Other Funding Sources No Other Funding Sources Found Other Funding Sources Amount 21

22 Grantee Activity Number: Activity Title: CC-HAP-NHS NSP Homebuyer Assistance Program Activitiy Category: Homeownership Assistance to low- and moderate-income Project Number: NSP - A (CC) Projected Start Date: 03/01/2009 Benefit Type: Direct Benefit (Households) National Objective: NSP Only - LMMI Activity Status: Under Way Project Title: Financing Mechanisms (CC) Projected End Date: 10/31/2010 Completed Activity Actual End Date: 06/30/2010 Responsible Organization: Neighborhood Housing Services of Southern Nevada Overall Projected Budget from All Sources CDBG Program Funds Budgeted Program Funds Drawdown Obligated CDBG DR Funds Expended CDBG DR Funds Neighborhood Housing Services of Southern Nevada Match Contributed Program Income Received Program Income Drawdown Apr 1 thru Jun 30, 2010 $25, $86, $25, $25, To Date $57, $57, $25, $86, $25, $25, Activity Description: The purpose of the program is to enable low-and middle-income households to quickly purchase and occupy foreclosed singlefamily homes before the effects of vacancy, vandalism and blight become acute. Through the provision of down payment assistance, new homebuyers will purchase and occupy foreclosed properties that meet the County&rsquos housing standards in designated census tracts. The target purchaser population would be FHA or other credit worthy borrowers. All properties acquired under this activity must meet the required purchase discount of 1% less than current market appraised value. The homebuyer must be NSP eligible with a household income of 120% or below Area Median Income. The grant agreement was executed by and between Clark County and Neighborhood Housing Services of Southern Nevada on October 6, 2009 in the amount of $1,500,000. The Homebuyer Assistance Program (HAP) as designed was not successful in the local market and had many challenges associated with consumers attempting to secure accepted offers at the required discount in the open market. As a result, only a small percentage of funds initially allocated to this program will be used by HAP Subrecipients of Clark County within the timeliness requirements of the obligation deadline. An Amendment (Clark County NSP1 Amendment #2) to move un-committed funds to the Acquisition Rehab Resale program ($4,635,949) and a Redevelopment Project for Accessible Space, Inc. ($1,250,000) was approved by the Board of County Commissioners on May 18, A total of $5,885,949 was recaptured from the HAP program in May 2010 and an additional $604, in August 2010 in order to ensure compliance with the HUD NSP1 obligation deadline. Of this total, the amount recaptured from Neighborhood Housing Services totaled $1,442,600. The first adjustment was effective as of May 28, 2010 and the second adjustment of un-obligated funds was effective as of August 9, Neighborhood Housing Services maintained a total project budget of $57,400 to assist two homebuyers in Clark County. Location Description: NSP Target Neighborhoods (County Portion) (CT only) (CT 15.00, 16.09, 16.10, only) (CT & only) (CT & only) Activity Progress Narrative: 22